The shares of RITES Limited were trading at ₹666.35 up by ₹1.85 or 0.28 per cent on the NSE today at 11.45 am.
RITES Limited has emerged as the lowest bidder (L-1) in a tender floated by UP State Bridge Corporation Limited for a significant infrastructure project in Uttar Pradesh. The company announced on September 5, 2024, that it is poised to secure a consultancy services contract valued at Rs. 60.03 crore, exclusive of GST.
The project involves supervision, monitoring, quality control, and work zone safety for the construction of bridges, rail over/under bridges, flyovers, and elevated roads across several districts in Uttar Pradesh. The contract, if awarded, will have a duration of 36 months from the date of the Letter of Award.
RITES’ bid is subject to scrutiny and evaluation by UP State Bridge Corporation Limited as per the tender requirements. The domestic project aligns with RITES’ expertise in infrastructure consultancy services. The company has clarified that the potential contract does not involve any related party transactions or interests from promoter groups.